It's true that much of Apple's assembly line work is performed by partners outside the U.S., specifically in China. These are typically low-paying jobs requiring, for example, physically putting together different parts of iPhones and iPads.

Analysts point out that if Sanders and Trump succeeded in bringing back these jobs to the U.S., the decision would have an immediate impact for consumers and the company's financials.

"There are two ways this could go," said Patrick Moorhead of Moor Insights & Strategy, a tech analyst firm. "The price could go up, or Apple could decrease profits."

"I don't see Apple decreasing profits any time soon nor would I expect their competitors to do that, who also manufacture most of their phones in China," Moorhead said.

Moorhead estimated that if the iPhone were fully assembled in the U.S., its price could surge 66 percent due to higher labor costs, from an average selling price of $691 to $1,150.

Just as important, while neither Sanders nor Trump mention it, Apple either employs — directly or indirectly — a lot of people in this country.